For some time now, the US has been under the ominous blanket many experts are calling a recession. Home starts are almost non-existent, mortgages are being foreclosed on, and house prices are dropping through the floor. Some areas in the States are seeing homes that sold for over $2.1M two years ago... now being listed for under $950k. (Idaho area) To say this has not trickled down to us on the Islands would be incorrect.
After more than 10 years in the Real Estate market here on Roatan, I can honestly say, I've not seen anything affect the sales conditions more than the present state of affairs in the USA. Emails from my colleagues offering "selling bonuses", reduced prices, and excellent seller financing terms are being distributed through our MLS board almost daily. Many sellers are realizing that the buyers we had a year ago, are far and few between. That's good news if you're in the market for a second home, vacation destination, or have some spare cash to invest in an up and coming Caribbean Island. Roatan's median price is still far below the rest of the Caribbean Islands out there so, although there may be some corrections taking place right now, you can bet that our market will continue to climb... at least until we are on par with the rest of the Caribbean. Now is the time to make offers, secure your dream property, and invest in paradise... more than ever!